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What You Need to Know About Long-Term Care Insurance

Statistics show that nearly 75% of people who are now 65 years of age or older eventually will require long-term care with the daily tasks of living. If you live in Massachusetts and worry about how you will afford assisted living if you eventually need it, you should learn more about Massachusetts Long Term Care Insurance.
What is Massachusetts Long Term Care Insurance?
According to the U.S. Administration on Aging, long term care insurance provides protection beyond what traditional health insurance covers. This specialized type of coverage will reimburse policyholders a predetermined daily amount for the cost of services to help them with daily living essentials, including eating, bathing, and getting dressed. These services may occur in a policyholder’s home, an assisted living center, or a community organization. Usually, insurers offer long-term care insurance only to relatively healthy individuals – before they actually need to use the coverage. If you are a senior interested in buying long-term care insurance, it’s best to buy it sooner rather than later.
Who Needs Long-Term Care Insurance?
In many cases, it’s tough to come up with the money to pay for an assisted living facility or an in-home senior care provider. A long-term care insurance policy can relieve these financial burdens. Long term care insurance is most beneficial for middle-income individuals. Middle-income individuals typically cannot afford to pay $100,000 annually out-of-pocket for assisted living, for an extended period of time (potentially decades). Additionally, they earn too much money to qualify for Medicaid, which often pays the cost of assisted living.
How Much Does Long-Term Care Insurance Cost?
As with any individual insurance policy, the cost of long-term care insurance depends on variables including the exact benefits you’re applying for, and such factors as age, gender, and medical history. Your insurer will work with you to mutually determine a maximum daily cap for benefits, the maximum timeframe the policy will be in force, and any optional benefits you’d like to include. All of these variables will figure into the cost of a policy.
About Metro Boston
Founded in 1989, Metro Boston is a full-service independent insurance agency service customers throughout Massachusetts. If you’re in the market for competitive auto, home, business, life, and/or health insurance, we encourage you to contact us today at 617-884-5480. We would love to add you to the 4,000-plus clients who have entrusted us with their insurance needs.
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